Hitachi Capital (UK) has made a multi-million pound investment into EV charging and solar company GRIDSERVE.
The partnership between the two will see Hitachi bring its “financial strength” and experience in the motor industry to the development of GRIDSERVE’s Electric Forecourts and hybrid solar farms.
Hitachi’s loan facility will allow GRIDSERVE to move forwards with projects, including two hybrid solar farms in Gloucestershire and Lincolnshire. The first of GRIDSERVE's hybrid solar farms was completed in York in 2019, boasting a UK-first with its use of single-axis trackers and bifacial panels.
The funding - the exact amount of which was not disclosed - will also support GRIDSERVE’s first Electric Forecourt in Braintree, Essex that is set to open in summer 2020.
The forecourt has space for 24 ultra-rapid 350kW chargers and is to be powered by solar PV and battery storage. It forms part of a network of 100 such forecourts planned by GRIDSERVE, which are to be delivered over the next five years and will be supported by the funding from Hitachi.
The duo are also set to work together alongside Hitachi Europe SIB on a variety of green energy projects, including electrification of the UK bus network.
“We now have a real opportunity, through flagship programmes like this, to create the infrastructure needed to fast-track electric vehicle adoption across the UK and meet the government’s ambition to be carbon neutral by 2050,” Robert Gordon, CEO of Hitachi Capital (UK), said.
"Our partnership, at the forefront of the electric vehicle revolution, marks a real step change in addressing range anxiety caused by the lack of available charging stations currently available throughout the country.”
The two companies hope the partnership will “revolutionise” the UK’s approach to solar energy and create the infrastructure needed to accelerate EV uptake.
Toddington Harper, CEO of GRIDSERVE, said it marks a “major milestone” in GRIDSERVE’s journey.
“As well as providing significant financial backing to accelerate our ability to deliver sustainable energy and meet net zero carbon emission targets in the earliest possible timeframes, Hitachi Capital has an unrivalled wealth of experience, knowledge, resources, and expertise to support our collective success.”